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Apply for a free business loan eligibility check today! Multi-purpose commercial lending from £1,000 - £8,000,000 GBP. Fast & secure online application.
At UK Business Loans, we are experts in business financing, providing a variety of loans for you and your business. You can apply for a loan with us by filling out our two minute application and receive a free eligibility check for your business loan. We offer a fast, confidential and secure application process to quickly match you with the relevant finance option and loan for you. Complete our simple 4 step application process and receive your business loan quote now.
To apply for a business loan, you must be over 18 years old, a UK resident and be a listed shareholding director for the business. Other important factors that determine your business loan eligibility include your credit score, annual business revenue, business maturity, net operating income and personal debt to credit ratio.
A business loan is a broad term for a variety of loans to help you and your business in many different circumstances
|Loan Type||Loan Explained|
|Tax Loan||A Tax loan is a loan is a loan used to help your business pay it’s taxes. This can be an option when tax payments are due at an inconvenient time. The benefits of a tax loan include fixed, adaptable payments and no penalties due to late payments from HMRC.|
|Partner Buyout Loan||A Partner Buyout loan is used to buyout your business partner so that your business becomes solely yours. This type of loan is great to take full control of your business although it does mean taking on more debt to do so.|
|Refurbishment Loan||A Refurbishment Loan is used when you need help to refurbish a commercial property. This type of commercial loan can be necessary for a business when unexpected costs arise. The amount a business can borrow is calculated on the expected value of the project once completed. However, the risk of this type of loan is that the sale of your refurbished property is not always guaranteed.|
|VAT Loan||A VAT Loan is used when a business is struggling to pay their taxes on time. This avoids the business having to pay late payment fees to HMRC. This type of loan can often be quick and straightforward however like with any loan, you must meet your repayment dates.|
|Working Capital Loan||A working Capital Loan is a loan used to cover a business’ day to day expenses. This is common for business’ that rely on seasonal revenue increase. The loan can help cover essential expenses such as pay roll and rent. This type of loan is ideal to tide a business over for a short amount of time however the costs can be higher as the lender may consider them higher risk.|
|Asset-Based Lending||An Asset-based loan is a loan secured by something that you own – an ‘asset’. Your loan is secured with a property, inventory or equipment. This type of loan is based on your assets rather than cash flow meaning you can still take a loan out without showing your business has a current healthy cash flow. However, this loan does put your assets at risk. This loan type can also be referred to as asset finance.|
Can I apply for a business loan?
You can apply for a business loan if you meet the following criteria:
- 18 years of age +
- UK resident
- A listed shareholding director of the business
- Other variables include your credit score, business revenue and more
How does a business loan work?
A business loan starts with your loan application, once you have submitted your application including all necessary information, the lender will review it and see if you are eligible. All documentation will be requested and considered by the team then organised and stored for the potential lender.
The amount you can lend, the time scale of lending and your repayment schedule depends on the type of business loan you’re applying for and the eligibility of you and your business. There will also be variations based on whether your loan is secured or unsecured.
Secured vs Unsecured business loans
The difference between a secured and unsecured business loan is whether you secure the loan against something you own – possibly a property, inventory or equipment. If securing your loan against something you own such as a commercial property or your home, it may be at risk if you fail to make repayments. The amount you can borrow with a secured loan is based off the value of the asset the loan is secured against. The lender will take payment from the sale of your property if you fail to make your repayments. An unsecured loan allows you to borrow money from the lender without offering anything to secure your loan. Interest is often higher on unsecured loans due to the higher risk factor.
There are other loans available such as government funded start up loans, the government provide business funding for start-ups and new business’ that may struggle to apply for a loan due to cash flow issues or lack of assets.
What type of business loan is right for me?
There are many different types of business loans, all with their own specific uses. Your business could need a loan for a variety of reasons from unexpected costs such as tax and VAT or general day to day costs such as payroll, rent and bills. Your business may also thrive in certain months meaning your business may need a working capital loan. There are many types of short and long term loans available to business’ in the UK. Contact one of our experts today to discuss the right loan for you and your business.
How much will my business loan cost?
The interest on your loan is dependent on the following variables:
- How much you want to borrow
- How long you want to borrow it for
- What type of loan you’re applying for
- Your business’ credit score
- Your personal credit score
Start our simple 4 step application process now or speak to one of our experts today to discuss loan costs and start your business loan journey with UK Business Loans.
Will my business loan affect my personal credit?
In most cases it is your business name on any debt you build (your business must operate as a limited company (Ltd.) so your personal credit with not be affected as it is the limited company that is liable for any debt acquired.
How much can I borrow?
The amount you can borrow depends on whether you want to take out a secured or unsecured loan as well as your finances and loan intentions. Unsecured loans are generally offered between £500 and £1,000,000 whilst secured loans can be anywhere from £1,000 to £8,000,000. However, every loan offered is unique and based on individual circumstances and finances.
Do I need a good credit rating to take out a loan?
You are more likely to be eligible for business financing with good credit however it does not necessarily mean you won’t be approved for a loan if you don’t. It is more likely you will be approved for a secured loan to reduce the risk for the lender if you do not meet your repayment dates. Lenders may also charge higher interest rates depending on your credit score as it may influence how trustworthy they deem you to be.
What documents will I need to apply for a loan?
For a quick and easy application process, have the following information and documents on hand to supply to your lender:
- Full name and Marital Status
- Contact information
- Business name and Company Registration Number
- Official launch date of your company and your company sector
- Annual revenue of business
- Personal bank information and your personal income
- How much you want to borrow, how you intend to use the loan and ROI (Return on Investment)
Why UK Business Loan?
Here at UK Business Loan, we are trusted commercial finance finders working with well known, trusted lenders such as HSBC, Barclays, Funding Circle and more. We offer a wide range of loans including but not limited to tax and VAT loans, partner buyout loans, refurbishment loans, working capital loans and asset based lending. Please don’t hesitate to contact us today to discuss you loan options or fill out our short form online to request a call back today.